Monitoring Your Grant

For proper management of your unit's sponsored funds it is imperative that budget statements are reconciled on a regular basis to ensure that expenditures are charged correctly and within appropriate guidelines. Using these tools, regular monitoring of your sponsored projects helps to:

Ensure that costs are consistent with the project schedule and incurred between the start and stop dates of the project.

Discover any errors in your budget, encumbrances, or expenditures. Errors can be caused by a service department, an end user, or a system-generated issue. (The longer an error remains uncorrected, the harder it is to show that allowability and allocability are in compliance with the University Cost Transfer Policy).

Confirm the availability of project funds as needed.

Avoid overspending, which may cause a deficit and limit further spending.

Verify that corrections and cost transfers have been made or are made in a timely manner.

Maintain good documentation for an audit if one should occur in the future.